Landlord Savvy in Northern Virginia: Mastering the Game with Schofield Stewart of Nesbitt Realty

Owning rental property in Northern Virginia can be a lucrative endeavor, offering steady income and potential appreciation. But navigating the complexities of being a landlord, from finding quality tenants to ensuring property upkeep, can be daunting. That's where Schofield Stewart of Nesbitt Realty comes in, your trusted advisor for mastering the landlord game in this vibrant region.

With a deep understanding of the Northern Virginia market, Schofield offers these invaluable tips for property owners:

1. Know Your Legal Landscape: Virginia has specific landlord-tenant laws, and staying informed is crucial. Schofield emphasizes, "Familiarize yourself with the Virginia Residential Landlord and Tenant Act to avoid legal pitfalls and ensure smooth landlord-tenant relationships."

2. Screen Tenants Meticulously: Finding reliable tenants is key to long-term success. Schofield recommends, "Implement a thorough screening process, including credit checks, background checks, and reference verification. Don't underestimate the importance of finding responsible and respectful tenants."

3. Craft Clear and Comprehensive Leases: Your lease agreement is your legal shield. Schofield advises, "Have a lawyer review your lease to ensure it covers all essential aspects, including rent amount, security deposit, maintenance responsibilities, and tenant rights."

4. Promote Preventative Maintenance: Regular maintenance prevents costly repairs down the line. Schofield suggests, "Schedule routine inspections, address minor issues promptly, and educate tenants on proper care of the property."

5. Leverage Technology for Efficient Management: Utilize online platforms for rent collection, maintenance requests, and tenant communication. Schofield points out, "Technology streamlines tasks, saves time, and enhances transparency between you and your tenants."

6. Build Trusting Relationships: Communication is key. Schofield encourages, "Establish open communication channels with your tenants, address concerns promptly, and foster a positive landlord-tenant relationship."

7. Stay Informed about Market Trends: Northern Virginia's real estate market is dynamic. Schofield advises, "Keep yourself updated on rental rates, property values, and local regulations to ensure you're adapting to changing market conditions."

8. Partner with a Seasoned Real Estate Agent: Navigating the complexities of property management can be overwhelming. Schofield highlights, "Having a trusted real estate agent like myself at Nesbitt Realty by your side provides invaluable guidance, expertise, and support throughout your landlord journey."

9. Delegate When Needed: Don't be afraid to ask for help. Schofield notes, "A property manager at Nesbitt Realty can handle tenant screening, rent collection, and maintenance, freeing up your time and ensuring professional property management."

By following these tips and partnering with Schofield Stewart of Nesbitt Realty, you can navigate the Northern Virginia landlord landscape with confidence, maximizing your investment potential and creating a positive experience for both you and your tenants. Remember, being a successful landlord is about knowledge, proactive planning, and building strong relationships. Let Nesbitt Realty be your compass on this rewarding journey.

Ready to elevate your landlord game in Northern Virginia? Contact Schofield Stewart at Nesbitt Realty today and unlock your property's full potential!

Renting Unsold Property May Be a Good Move

Home owners who can’t or don’t want to sell their homes in today’s market but must move should consider renting out the property.
  • Nesbitt Realty has been in existence for more than 10 years, and our team has been involved with property management for another 20 years prior to that.
  • All property managers at Nesbitt Realty are licensed real estate agents who report to a licensed real estate broker. Our agents are knоwlеdgеаblе about Virginia rеgulаtіоnѕ fоr hаndlіng rеntаl іnсоmе, ѕесurіtу dероѕіtѕ, аnd оthеr financial mаttеrѕ. In аddіtіоn to lісеnѕurе, сеrtіfісаtіоn indicates mоrе еxtеnѕіvе іnduѕtrу knowledge. Nesbitt Realty is a member of
    • National Association of Realtors,
    • Virginia Association of Realtors,
    • Northern Virginia Association of Realtors,
    • Better Business Bureau,
    • National Aѕѕосіаtіоn of Rеѕіdеntіаl Prореrtу Managers member and has several related affiliations.
  • Nesbitt Realty has some of the lowest fees in {Location_Name}. There is no set-up fee at Nesbitt Realty.
Learn more about our property management services Professionals committed to real estate expertise, our real estate agents.   Obtaining a professional property manager is a good first step. Professional property managers charge 7 percent to 10 percent of the monthly rent in many areas. Nesbitt Realty is often cheaper than our competitors. Current rents may not be high enough to cover carrying charges, including mortgage, taxes, and insurance. Nevertheless, renting out the property may still make sense if property values rise in the next few years. Offering a 12-month lease that converts to month-to-month is a good idea, if the owners are considering selling eventually. Include language in the lease that allows a real estate professional to show the home to potential buyers with 24 hours’ notice to tenants. For more information or to set up an appointment call Julie at (703)765-0300.  

Advantages of Nesbitt Realty Property Management

Marketing

Nesbitt Realty's website has one of the largest Internet footprints of any real estate site in Northern Virginia.  In addition our agents are skilled at leveraging MLS exposure, Internet articles, local print media and more. By using professional photography, videos updates, maps, and more we can make sure that buyers and renters have the information that they need to make an informed decision about your property.
Julie and Will
Julie and Will Nesbitt pause from property management to take a quick picture.

Daily Landlord Responsibilities

Nesbitt Realty provides and maintains a level of separation between the landlord and tenant so that we ensure that business matters are always handled in a business-like fashion.  Nesbitt Realty has systems in place to handle emergency repairs and can find the right provider at the right price to keep your investment in top shape.

Property Upkeep

Nesbitt Realty has a list of vendors that have proven to be reliable and reasonably price to handle problems when they arise. We are also willing to work with contractors, handymen and other providers that the landlord recommends. Property maintenance is never a profit center for us.

Communication

We always pick up the phone. We respond to all emails, in a timely fashion.

Rent Collection Service

We expect tenants to pay on time and we hold them accountable for late payments. We process rents quickly so that landlords get paid quickly. If needed, we serve late payment notices, eviction notices, etc.  to maintain orderly and regular rental income.

Rental Management Services

Here's an email I recently sent to a landlord who has questions about our property management services.
As promised here is my detailed reply. I'm numbering my answers so you can compare to your questions below.
1. We locate tenants with a multi-pronged approach but we primarily attract tenants through the Multiple Listing Service and one of our many websites.  We do a background check on our applicants to learn credit history, employment history, income and criminal record.  We report the results to you along with a positive or negative recommendation depending on what our investigation uncovers.
Listing a property for rent is a separate service apart from property management.  Some landlords only use us to list property for rent.  Some landlords only use us for property management.  Most landlords do both.  Each time the property is listed for rent there is a fee to the landlord.
Our structure is a little different from most companies in that we explain where the commission goes and then let you set the fee as you wish. We make a recommendation for how much the landlord should pay, but allow the landlord to set the fee at any level. I think this makes more sense than setting an arbitrary number.  I would expect by glancing at your property online you will probably want to pay at least one half of one month's rent to list the property, but you may wish to pay as much as three-quarters of a month rent. I can explain this at length when you contact us but in short some landlords sometimes pay higher commissions to attract more attention from agents.
In subsequent years, if the tenant stays on we don't need to market the property and you won't have to pay a commission.  When the tenant moves on we'll need to list the property for rent again. Nearly every landlord is looking for a longer term renter for this reason.  The minimum lease we recommend is 12 months.  In the rare event that a lease is less than 12 months, we pad the rent to recoup the additional expense to the landlord.
2. Our brokerage currently manages about 100 properties.  We are a family business, not a large corporation.  Our landlords and tenants know us personally and we know them personally.  We do have a team approach. For example my wife handles the processing or rent checks and the preparation of monthly reports. My son often helps with dispatching handymen and with move-in and move-out inspections.  But no matter who you talk to the buck always stops with me and no matter who you talk to we generally all know what is going on with our properties.
Currently, we only have one member of the foreign service as a client but we have a good number of clients who are overseas. Some of our overseas clients are high-ranking military, intelligence service agents, foreign nationals who have returned to their home countries, diplomatic persons and I can even call to mind a couple of academics who are in the wilds doing field research. We are well-accustomed to the challenges of dealing with landlords who might be 8 to 12 hours different in time zone and who may or may not have regular access to a phone.
3. I do not own any properties in 22206.  We sold most of our own Northern VA rental properties a few years ago. Even then our properties were not in that zip code.  We still have some property that is out of the area and for that we rely on a property manager.  In fact, the only rentals we've ever had serious problems with are the properties which we owned and personally managed.
As an aside, without effort, I can call to mind 3 properties which we manage and that are in close proximity to your property.  Two of these are condos and one is a single-family residence.  The SFR is owned by an Indian technology guru who returned to India to raise his kids.  One of the two condos is owned by a recently retired judge who move back to his home state.  The third property is owned by a local attorney who does not want the hassle of managing his property. There may be a few more in your neighborhood, but those are the three that pop in my head.
4. We can inspect as often as you like, but we generally only inspect the property once per quarter.  We do not do the inspection ourselves.  Instead, we send a handyman who will check every system on the property and write up any deficiencies along with any recommendations.  There is a small fee for this inspection ($35 or so) to cover the handyman's time.  But we do not charge anywhere near 10% of the monthly rent.  Our rates vary depending upon the property, but we will charge 6.5% of the monthly rent for a property such as yours.
5. We use a software called Rent Manager to track our landlord's expenses and accounts. I will copy this email to my wife Julie who can send you and example report on Monday.
6. We do not charge a fee when the property is vacant.  We are only paid when you are paid.  Money in general does not flow from you to us.  Rather it flows from tenant to our company and then to your pocket.  Rent is due on the first of the month.  Most of the tenants pay sometime between the 29th and 3rd of the month.  There is a grace period until the fifth day of the month.  If rent is not received by the fifth of the month we charge a late fee to the tenant and swiftly ramp up to begin the eviction process. We quickly train any tenants to understand that we do not play around with rent and deadlines.
We pride ourselves on how quickly we get the money to our landlords.  Some companies take 10 to 15 days to process rents.  We usually deposit money into the landlord's bank account within 24 hours of receiving payment.  Because of the extensive background checks mentioned above, we generally don't have much problem with unpaid or late rents.
7. Tenants contact us for repairs and we select the most cost-effective and prompt solution available.  If the repairs are less than around $250 we generally do not get bids, we just make the work happen.  We allow landlords freedom to set their own notification level.  For most condos we recommend a $250 threshold.  For most townhouses and single-family homes we recommend $350.  However, yesterday a newly-made landlord asked that we set that number at $1. (Yes.  ONE dollar.) We will abide by her request.  A few of our busiest landlords don't want to hear about bothered by anything less than $1k.
We do not "mark-up" any maintenance requests.  We do not charge anything extra to manage repairs. Maintenance is not a profit center for us.
8. Property reports are usually delivered just a few days after rents are processed.
Our clients like us because we are very responsive to both tenants and landlords.  We always seek out the most cost-effective solutions for our landlords.  We are not an enormous company.  You can call at any normal hour of the day and most likely reach the principal broker (me).  If you call at a strange hour, you still might reach me.  If you don't reach me, I'll call you back promptly. Most of our competitors charge higher fees than we charge. So we believe that our combination of price and service is very tough to beat.
I look forward to meeting you and thank you for the opportunity to be of service.
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  • Renting Unsold Property May Be a Good Move

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    Home owners who can’t or don’t want to sell their homes in today’s market but must move should consider renting out the property. Obtaining a professional property manager is a good first step. Professional property managers charge 7 percent to 10 percent of the monthly rent in many areas. Nesbitt Realty is often cheaper than…

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Property Management 101

Property management is a business in and of itself. If you want to invest in real estate, but you don't want to be a property manager, the solution is really quite simple: employ the services of Nesbitt Realty. Our property managers are experienced individuals who will manage the day-to-day operations of your property. We manage residential properties, multi-family properties and even homeowners and condo associations.
property managment
Amin & Will in Lowes
A big value-add provided by your Nesbitt Realty property manager is "separation". This to say, your Nesbitt Realty property manager maintains a level of separation between the landlord and the tenants and the property. As you may already know, it's important to invest in real estate without emotionally investing in tenants or property. Your Nesbitt Realty property manager helps ensure that you always make the best decision for your family, rather than making the best decision for the tenant's family. So, your Nesbitt Realty rental property manager serves as a buffer between the owner and his tenants. Nesbitt Realty can help you find tenants, handling repair projects and maintenance, oversee improvements, collect rent, and even pay some expenses and taxes. The specific tasks we handle vary based upon upon the needs and wishes of the property owner. Nesbitt Realty Property Management also handles commercial properties such as office buildings, freeing the owners from the day to day responsibilities. Additionally, a competent Nesbitt Realty property manager gives you protection from certain liabilities.
Julie
Crunch-time processing rents!
Nesbitt Realty usually charges a percentage of the rents collected. Every aspect of Nesbitt Realty property manager's responsibilities will be outlined in a contract signed by both Nesbitt Realty and the landlord. This agreement details financial responsibilities and specifies the types of financial reports the landlord can expect. Your Nesbitt Realty property manager will stay current on new laws and condo regulations which may be relevant to your situation. Nesbitt Realty Property Management takes a lot of the burden off of owning rental real estate. Most Nesbitt Realty property managers are themselves landlords. They know your needs. Chооѕіng the right company tо аѕѕіѕt уоu wіth its knоwlеdgе оf рrоfеѕѕіоnаl рrореrtу mаnаgеmеnt ѕеrvісеѕ will mаkе all thе dіffеrеnсе between hаvіng рrореrtу thаt is successfully mаnаgеd and hаvіng a disaster оn уоur hands. Picking аn еxреrіеnсеd аnd rеlіаblе соmраnу tо dеаl wіth уоur рrореrtу management in {Location_Name} is essential fоr business. A company that has bееn іn ореrаtіоn for years and hаѕ a ѕоlіd rеlіаblе ѕtаndіng wіll lеаd уоu іn the right dіrесtіоn. Selecting the most suitable соmраnу to hаndlе your рrореrtу wіth thе utmоѕt professionalism and responsibility mау nоt аlwауѕ bе easy ѕо be ѕurе tо choose a соmраnу with bоth еxреrіеnсе аnd a thorough undеrѕtаndіng of уоur nееdѕ. As you may well know, thіѕ is a ѕеrіоuѕ buѕіnеѕѕ, so please ensure that you select thе property management соmраnу wіth agents who have best еxреrіеnсе and knowledge, and thаt they fully undеrѕtаnd each оf your nееdѕ to protect уоur рrореrtу. Learn more about our property management services. Thanks. We genuinely appreciate the opportunity to serve you.
Julie and Will Nesbitt pause from property management to take a quick picture.
Julie and Will Nesbitt pause from property management to take a quick picture.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.